Huobi to Join Forces with Prime Trust

As reported, HBUS will allow users to trade BTC, ETH and USDT together with the USD
06 February 2019   1604

The US subsidiary of the Huobi Group - HBUS Exchange, - has entered into an agreement with a financial company from Nevada Prime Trust to support the input / output of fiat funds, reports CoinDesk.

HBUS will allow users to trade Bitcoin, Ethereum and Tether USD together with the US dollar.

At the same time, Frank Fu, HBUS CEO, stressed that the company intends to conclude several more deals in the United States.

At this stage, HBUS intends to work with institutional clients and ensure legal compliance of its activities, after which it will start working with a wider audience. In 2019, the company also plans to increase its staff to 150 employees.

According to Fu, about 60,000 US residents and several dozen users from China are registered with HBUS.

In the listing of the platform there are such coins as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and Tether USD. However, its representatives are considering the possibility of adding other tokens in the future.

As reported, Huobi’s new global asset flows could indirectly give Chinese traders the ability to convert yuan for cryptocurrency through Huobi Global’s OTC desk, then send the cryptocurrency to the U.S.-based exchange to cash out in USD.

It is also worth mentioning that the Australian Goldfields Money is the banking partner of Huobi Global.

Huobi became the leader in commission fees among Bitcoin exchanges in 2018. She earned $ 483 million.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   119

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.